Former NSW financial adviser pleads guilty
Gordon-based former financial adviser, Ezzat-Daniel Nesseim, has pleaded guilty to five criminal offences related to financial services business, Smart Financial Strategies, that he previously ran.
The offences carried penalties of up to 10 years imprisonment.
Nesseim pleaded guilty to:
- Dishonestly providing three backdated wholesale client certificates to the Australian Securities and Investments Commission (ASIC) in an attempt to persuade ASIC to cease or modify its inquiries;
- Giving false answers and information to ASIC, both under oath and in response to statutory notices, after questions were raised about these certificates;
- Making use of evidence he knew was fabricated, including doctored emails attached to his written statement and purported witness statements from individuals, in a hearing before an ASIC delegate; and
- Giving false testimony in a hearing before an ASIC delegate.
Nessiem was granted conditional bail and had been committed to the Sydney District Court for sentence with the matter adjourned to the Sydney District Court for mention on 10 December, 2021.
The Commonwealth Director of Public Prosecutions was prosecuting this matter following a referral by ASIC.
In 2018, Nesseim was permanently banned from providing financial services. Additionally, he was also permanently banned from engaging in credit activities from 19 July, 2019, as he was found not to be a fit and proper person to engage in credit activities, the corporate regulator said.
Currently, Nesseim was the general manager of Accord Partners, a business operated by Foresight Enterprises, of which Nesseim is the sole director.
AUTHOR
Oksana Patron
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
